Chartway Federal Credit Union is offering a 7-month CD promotion with very competitive rates. For deposits of $100K to $500K, the 7-month CD has a 1.25% APY. For deposits of $5K to under $100K, the CD has a 1.00% APY. This is a limited time promotion. These rates are listed at the bottom of Chartway's certificates rates sheet as of 12/13/2011. Thanks to the reader who emailed me news of this promotion.
Chartway used to offer a reward checking and savings account called eChecking and eSavings. Earlier this year, Chartway stopped accepting new applications for these accounts.
Membership is open to those who live, work, worship or go to school in a defined geographic area served by the credit union's Virginia, Florida, Rhode Island and Texas branches. A reader noted in a previous post that the geographic areas are narrow, so please call to see if you can be eligible. You can also be eligible via schools and select employer groups. One reader commented in 2009 that Chartway accepts city/federal employees from all states under "Civil Service" category. The online application has a list of eligible schools and employers. Please refer to their Membership Page for more details. Membership requires a $5 minimum deposit into the Prime Share savings account.
Credit Union Overview
Chartway Branches are located in Virginia, Georgia, Rhode Island, Texas, Florida, Arkansas and New Jersey. Most of its branches are located in the Norfolk/Virginia Beach metro area. Other cities with branches include Houston, Texas; Jacksonville and Saint Petersburg, Florida; Alpharetta, Georgia; and Warwick, Rhode Island. It also has branches in Utah due to its recent acquisition of HeritageWest Credit Union.
Chartway is a large credit union with $1.88 billion in assets. The credit union has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 10.23% (excellent) based on September 2011 data. Please refer to our financial overview of Chartway Federal Credit Union for more details. Chartway is federally insured by the NCUA (Charter # 13242).
How the CD Rate Compares
It's very hard to find 6-month CD rates near 1.00% these days. The best nationally available deal is at Atlantic Coast Bank which is offering a special 7-month CD with a 1.00% APY. Another good deal is Ally Bank's 11-month No Penalty CD which has 0.95% APY. This CD can be made into any term you want from 7 days to 11 months.
These rates are accurate as of 12/13/2011.
Searching for the Best CD Rates
To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.